Chemtura to sell agrochemicals business for $1 billion
Mary Page Bailey
Chemtura Corp. (Philadelphia, Pa.; www.chemtura.com) has announced that it has entered into a definitive agreement to sell its agrochemicals business, Chemtura AgroSolutions, to Platform Specialty Products Corp, a global specialty chemicals company, for approximately $1 billion. The consideration will be funded with $950 million in cash and 2 million shares of Platform's common stock. The transaction is subject to customary purchase price adjustments, closing conditions and regulatory approvals and is expected to close in the second half of 2014.
Upon completion of the sale, Chemtura's core platform will be focused around two segments: Industrial Performance Products (IPP), consisting of petroleum additives and urethanes, and Industrial Engineered Products (IEP), which consists of flame retardants and brominated products, and organometallics.